30 Apr 2012

NZOG happy with performance

3:15 pm on 30 April 2012

New Zealand Oil and Gas says it is making good progress in expanding its portfolio overseas.

The energy exploration company sold $34.4 million worth of oil and gas from its Kupe and Tui oil fields in the three months to the end of March and had $187 million in cash at the end of the quarter.

Chief executive Andrew Knight says both fields continued their track records of good performance and production increased towards the end of the quarter as Genesis took more gas for its thermal power stations.

Mr Knight says the company is also trying to progress new opportunities.

Earlier this year, NZOG made a conditional offer to buy a 15% stake in the Kaheru exploration permit off the south Taranaki coast, but Mr Knight says the purchase conditions have not been met and the outcome remains uncertain.